Gray Media (GTN) Q3 2025 earnings summary

Executive summary

• Q3 2025 revenue reached $749 million, at the high end of guidance, with expenses significantly below expectations and adjusted EBITDA of $162 million; net loss attributable to common stockholders was $23 million.

• Political ad revenue exceeded expectations at $8 million in an off-cycle year.

• Major M&A activity included agreements to enter six new markets, create 11 new duopolies, and a historic station swap, pending regulatory approval.

• Enhanced local content, renewed sports partnerships, and launched new streaming initiatives, including a Google Cloud partnership.

• Operates 113 television markets, reaching 37% of US TV households, with strong ratings in 78 markets and the largest Telemundo affiliate group in 44 markets.

Financial highlights

• Q3 2025 total revenue was $749 million, with core advertising revenue at $355 million and retransmission consent revenue at $346 million, both at or above guidance.

• Adjusted EBITDA for Q3 2025 was $162 million; net loss attributable to common stockholders was $23 million.

• Political advertising revenue was $8 million, above guidance.

• Nine months ended September 30, 2025: total revenue $2.3 billion, net loss $114 million, adjusted EBITDA $491 million.

• Full-year 2024: total revenue $2.599 billion, net income $206 million, adjusted EBITDA $760 million.

Outlook and guidance

• Q4 2025 revenue guidance: $767–$782 million, with core advertising expected at $380–$390 million and retransmission consent at $328–$330 million.

• Full-year 2025 revenue guidance: $3,070–$3,085 million.

• CapEx for 2025 reduced to $70–$75 million; routine capital expenditures for the remainder of 2025 expected at $37–$42 million.

• No further cash tax payments expected for 2025.

• Management expects sufficient liquidity to meet obligations for the next twelve months and foreseeable future.